In 2011-12, Dunn's total compensation package of $471,351 ranked 88th nationally out of the 212 university leaders included in the study. The median average for the country was $441,392.

The top-paid university president in the state was the University of Michigan's Mary Sue Coleman, who ranked sixth in the United States with a total compensation package of $918,783, including base salary, benefits and deferred compensation.

Second was Michigan State University President Lou Anna Simon, who ranked 26th nationally. Wayne State University's Allan Gilmour came in third. Simon's compensation package totaled $672,000 and Gilmour's was $506,027.

The Chronicle said its analysis included 191 public research universities and affiliated systems with enrollments of at least 10,000, as well as universities with smaller enrollments that were state flagships. The study included 212 heads of universities, the Chronicle said, because some chiefs resigned before the end of the year and some served as leader of more than one university.

The top-paid university president in the U.S. was Graham Spanier, former president of Pennsylvania State University at University Park. He earned a $2.9 million package before resigning in November 2011 in the wake of the Jerry Sandusky child abuse scandal.

In terms of base pay, Dunn earned $366,082. He vowed to donate any pay increases above his 2007 hiring salary of $345,000 to student scholarships. For at least two years, Coleman has donated her salary increases to study abroad programs.